The current price action on $ETHUSD might be a test of the upper bearish trend line which goes back to the ATH in January. Depending how exactly you draw the line (e.g. use wicks or not) it appears that the current price drop might be a throwback to test the breakout from the downtrend. Indeed, over the past days the price did in fact break out of the bearish trend line. A daily close of around $215 should indicate a successful test and should send the price upwards. Failure might lead to more downside for #ethereum #ether $eth.
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Looking good so far, yesterday's daily close was well above the downtrend line and current price is also holding above. Note that the price can still slide a bit over the next few days and not violate the breakout. However, higher lows should be maintained.
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Seems to be developing as expected. Nice impulse upwards today.
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Forgot to comment in due time, but obviously this breakout has failed and the idea was invalidated. One positive bullish sign is that the price action actually formed a bullish Chuvashov's fork, showing a decrease in selling momentum.